Samsung didn’t wait long to unveil its take on a debit card. The tech giant has introduced Samsung Money, a SoFi-powered “money management experience” that combines a Mastercard debit card (issued by Bancorp) with a cash management account. Not surprisingly, it integrates tightly with Samsung Pay. You get a virtual card in Pay as soon as you sign up, and can activate the physical card by tapping it. You can check your balance, flag potential fraud, freeze your card or otherwise control your account from an app.
There are benefits, of course. You’ll get Samsung Rewards points for every purchase you make with the card using Samsung Pay, and “loyal” users with over 1,000 points can convert them to cash. You won’t deal with account fees or even some ATM fees (they’re reimbursed at 55,000 locations), and there are promises of “higher-interest earning.” Your account is FDIC insured for up to $1.5 million if something goes wrong. Like with the Apple Card, the physical Samsung card doesn’t included the card number, CVV or other details a thief could use to go on a spending spree.